Quotes

The secret to successful investing is relatively simple: Figure out the value of something and then pay a lot less.

There's no such thing as a good idea or bad idea in the investment world. It's a good idea at a price, it's a bad idea at a price.

Anybody that says that they see five and ten standard deviation events every couple of years is obviously not thinking correctly about probabilities.

There's good assets and bad assets but good prices and bad prices supersede whether the assets are good or bad.

The first and foremost responsibility of every investor is preservation of capital.

Whenever we consider an investment, we think just as much or more about what can go wrong as about what can go right, and we put the avoidance of losses on a high pedestal.

The point is to consider risk control, loss avoidance, at least as important as return.

The market doesn't know everything, but it doesn't know nothing, and knowledge is cumulative. The market knows stuff now that it didn't know forty years ago, so it's harder to outperform.

The true measure of common stock values, of course, is not found by reference to price movements alone, but by price in relation to earnings, dividends, future prospects and, to a small extent, asset values.

Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw therefrom.

We know from experience that eventually the market catches up with value. It realizes it in one way or another.

Many mistakes have been made in buying growth stocks on the theory that the future will duplicate the past.